Common use of SERS PICK-UP Clause in Contracts

SERS PICK-UP. A. For purposes of this Article, total annual salary and salary per pay period for each member shall be the salary otherwise payable under this Agreement, as amended. The total annual salary and salary per pay period of each member shall be payable by the Board in two parts: (1) deferred salary and (2) cash salary. A member’s deferred salary shall be equal to that percentage of said member’s total annual salary or salary per pay period which is required from time to time by the State Employment Retirement System (“SERS”) to be paid as an employee contribution by said member and shall be paid by the Board to SERS on behalf of said member as a “pickup” of the SERS employee contribution otherwise payable by said member. A member’s cash salary shall be equal to said member’s total annual salary or salary per pay period less the amount, subject to applicable payroll deductions, to said member. The Board’s total combined expenditures for members’ total annual salaries otherwise payable under this Agreement, as amended, (including pickup amounts) and its employer contributions to SERS shall not be greater than the amounts it would have paid for those items had this provision not been in effect.

SERS PICK-UP. A. 1. For purposes of this Article, total annual salary and salary per pay period for each bargaining unit member shall be the salary otherwise payable under this Agreement, as amended. The total annual salary and salary per pay period of each member shall be payable by the Board in two parts: (1) deferred salary and (2) cash salary. A member’s deferred salary shall be equal to that percentage of said member’s total annual salary or salary per pay period which is required from time to time by the State Employment Retirement System (“SERS”) to be paid as an employee contribution by said member and shall be paid by the Board to SERS on behalf of said member as a “pickup” of the SERS employee contribution otherwise payable by said member. A member’s cash salary shall be equal to said member’s total annual salary or salary per pay period less the amountamount of the pickup for said member and shall be payable, subject to applicable payroll deductions, to said member. The Board’s total combined expenditures for members’ total annual salaries otherwise payable under this Agreement, as amended, (including pickup amounts) and its employer contributions to SERS shall not be greater than the amounts it would have paid for those items had this provision not been in effect.